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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Alpha Growth Plc | LSE:ALGW | London | Ordinary Share | GB00BYWKBC49 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.05 | -2.63% | 1.85 | 1.70 | 2.00 | 1.90 | 1.85 | 1.90 | 100,808 | 09:15:57 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Management Consulting Svcs | 5.21M | -1.36M | -0.0029 | -6.38 | 8.89M |
TIDMALGW
RNS Number : 2534B
Alpha Growth PLC
30 September 2022
Alpha Growth plc
Interim report for period ended
30 June 2022
Chairman's Statement
PERIODED 30 JUNE 2022
I am pleased to announce our unaudited interim financial results for the period to 30 June 2022.
Over the first six months of this year, we continued to invest considerable time and resources in executing our 2B plan, Alpha's ambitious plan to be managing over $2bn of assets by 2025. As a result of this work, I'm pleased to report that a number of key initiatives to support this plan are tracking ahead of schedule and the Board remains confident of achieving our objectives.
The continued investment showed a growth in revenue from continuing operations to GBP1,633,445 for the first six months (GBP1,311,840 for same period 2021) and a loss before tax of GBP454,635 (GBP323,835 for same period 2021). As of the end of June 2022, total assets under management (funds managed by the group plus group owned insurance assets) were GBP258 million (GBP238 million at the same point in 2021).
The increase in losses reflects increased marketing activity at the operating company levels, acquisition related costs, and inflationary pressures in regular operating expenditures.
Progress in achieving our stated objectives is promising and we still have a significant number of wide-ranging initiatives we are working on to deliver, which will further strengthen, scale and transform the business.
We are looking forward to shortly integrating the Guernsey acquisition previously announced on 24(th) March therefore substantially increasing our AUM and revenue; the roll out of our innovative and class leading interval fund; and the further strengthening of our Board and leadership team.
We also continue to advance our build and buy strategy to ensure continued and substantive ongoing growth of the business.
We expect our cash flow to improve, and we continue to believe that we will not require a placing of shares, unless it is for strategic acquisition and growth purposes.
The volatility in capital markets is continuing to cause challenges across the market, however we continue to be confident that both our fund and insurance business segments continue to be attractive to the sophisticated investor and institutional marketplace that we work with.
I would like to take this opportunity to thank the shareholders for their continued support as we build Alpha Growth into a significant organisation within its sector.
Gobind Sahney
Chairman
29 September 2022
RESULTS FOR THE PERIOD
INTERIM PERIODED 30 June 2022
The results of the Group have been addressed above in the Chairman's statement.
Responsibility Statement
We confirm that to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
CAUTIONARY STATEMENT
This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.
Going Concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operation or existence for the foreseeable future thus we continue to adopt the going concern basis in preparing these interim financial statements. As detailed in the Chairman's statement the on-going expected timing of transactions that the Company plans to be involved in and generate fees from, continue as planned and therefore should benefit the Group in the longer term.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business activities of the Group remain those detailed in the Prospectus dated 15 December 2021, a copy of which is available on the Company website at www.algwplc.com. The Board considers that these remain a current reflection of the risks and uncertainties facing the business for the remaining four months of the financial year.
Gobind Sahney
Director
29 September 2022
Alpha Growth plc
CONSOLIDATED Statement of comprehensive income
INTERIM periodED 30 june 2022
(Unaudited) (Unaudited) (Audited) Six months Six months 16 months Ended Ended Ended 31.122021 30.6.2022 30.6.2021 GBP GBP Notes GBP --------------------------------- ------ ------------ ------------ ----------------- Continuing operations Revenue from Owned Insurance Companies 1,463,768 1,185,467 2,290,948 Revenue from Contracts with Clients 169,677 126,373 354,224 ------------ ------------ ----------------- Total revenue 1,633.445 1,311,840 2,645,172 Cost of sales (1,285,367) (864,695) (1,892,257) ------------ ------------ ----------------- Gross Profit 348,078 447,145 752.915 Operating expenses (828,971) (799,536) (2,467,888) Operating Loss (480,893) (352,391) (1,714,973) Investment income and movements in DAC 33,447 28,556 27,355 Investment expense (7,189) - (8,306) Loss before tax (454,635) (323,835) (1,695,924) Tax - (64,151) 29,620 Loss for the period (454,635) (387,986) (1.666,304) Loss per share attributable to owners of the parent company Basic and diluted (pence per share) 3 (0.15p) (0.1p) (0.5p)
The Group has no items of other comprehensive income.
Alpha Growth plc
CONSOLIDATED Statement of Financial Position
AS AT 30 june 2022
(Unaudited) (Unaudited) (Audited) As at As at As at 31.12.2021 30.6.2022 30.6.2021 Note GBP GBP GBP Non-current assets Right of use assets 258,574 296,736 262,117 Intangible assets 845,694 883,949 864,821 -------------------------------- ----- ------------ ------------ ----------------- 1,104,268 1,180,685 1,126,938 Current assets Total assets in insurance business 214,843,900 211,141,862 209,251.676 Trade and other receivables 347,705 91,502 273,564 Cash and cash equivalents 44,479 694,692 195,523 -------------------------------- ----- ------------ ------------ ----------------- 215,236,084 211.928,056 209,720,763 -------------------------------- ----- ------------ ------------ ----------------- Current liabilities Total liabilities in insurance business 213,091,992 209,039,868 207,449,925 Lease liabilities 60,136 48,954 51,868 Trade and other payables 179,496 6,515 61,719 213,331,624 209,095,337 207,563,512 -------------------------------- ----- ------------ ------------ ----------------- Net current assets 1,904,460 2,832,719 2,157,251 Non-current liabilities Lease liabilities (211,103) (242,618) (217,241) Net assets 2,797,625 3,770,786 3,066,948 EQUITY Equity attributable to owners of the parent Share capital 4 431,887 431,887 431,887 Share premium 4 5,388,152 5,563,604 5,404,313 Share based payment reserve 113,390 - 113,390 Option reserve 480,674 - 480,674 Foreign exchange reserve 201,473 - - Retained earnings (3,902,468) (2,329,805) (3,452,925) Minority interest 84,517 105,100 89,609 -------------------------------- ----- ------------ ------------ ----------------- Total equity 2,797,625 3,770.786 3,066,948
Company number: 09734404
Alpha Growth plc
CONSOLIDATED Statement of Changes in Equity
INTERIM periodED 30 june 2022
Other reserves Retained Minority Share capital Share premium earnings Interest Total AS AT 31 DECEMBER 2020 240,816 2,183,030 - (1,937,820) - 486,026 ------------------ --------------- --------------- ------------------ ------------- ------------ ---------- Shares issued during the period 191,071 3,608,929 - - - 3,800,000 Share issue costs - (228,355) - - - (228,355) Minority interest arising on acquisition - - - - 101,101 101,101 Total comprehensive (loss)/profit for the period - - (391,985) 3,999 (387,986) ------------------------ ------- --------- ------- ----------- -------- ----------- AS AT 30 JUNE 2021 431,887 5,563,604 - (2,329,805) 105,100 3,770,786 Share issue costs - (159,291) 113,390 - - (45,901) Employee options issued - - 480,674 - - 480,674 Total comprehensive loss for the period - - - (1,123.120) (15,491) (1,138.611) ------------------------ ------- --------- ------- ----------- -------- ----------- AS AT 31 DECEMBER 2021 431,887 5,404,313 594,064 (3,452,925) 89,609 3,066.948 Share issue costs - (16,161) - - - (16,161) Foreign exchange reserve arising on consolidation - - 201,473 - - 201,473 Total comprehensive loss for the period - - - (449,543) (5,092) (454,635) AS AT 30 JUNE 2022 431,887 5,388,152 795,537 (3,902,468) 106,448 2,797,625 ------------------------ ------- --------- ------- ----------- -------- -----------
Alpha Growth plc
CONSOLIDATED Statement of Cash Flows
INTERIM PERIODED 30 june 2022
(Unaudited) (Unaudited) (Audited) 6moths Ended 6 months 16 months 30.6.2022 Ended Ended 31.12.2021 30.6.2021 GBP GBP GBP ---------------------------------- ------------- -------------- ------------------ OPERATING ACTIVITIES Loss for the period before interest and taxation (447,446) (323,835) (1,687,618) Adjusted for: Share based payments - - 480,674 Amortisation of intangibles and right of use assets 22,670 19,127 72,873 Operating cash outflows before movements in working capital: (424,776) (304,708) (1.134,071) (Increase)/decrease in trade and other receivables (74,141) 108,483 (28,439) Increase in assets in insurance business (5,592,224) (211,141,862) (209,022,056) Increase/(decrease) in trade and other payables 117,777 5,515 (30,294) Increase in liabilities in insurance business 5,642,067 209,039,868 207,449.925 Net cash used in operating activities (331,297) (2,292.704) (2,964,935) ---------------------------------- ------------- -------------- ------------------ FINANCING ACTIVITIES Repayment of leasing liabilities 2,130 - (27,627) Interest on leasing liabilities (7,189) - (8,306) Net proceeds from share issues (16,161) 3,571,645 3,954,744 Net cash (outflow/)inflow from financing activities (21,220) 3,571,645 3,918,811 ---------------------------------- ------------- -------------- ------------------ INVESTING ACTIVITIES Foreign exchange gain on consolidation 201,473 - - Acquisition of intangible assets - (903.075) (903,075) Acquisition of non-controlling interest - 101,101 101,102 ---------------------------------- ------------- -------------- ------------------ Net cash inflow/(outflow) from investing activities 201,473 (801,974) (801,973) ---------------------------------- ------------- -------------- ------------------ Net (decrease)/increase in cash and cash equivalents (151,044) 476,967 151,903 Cash and cash equivalents at beginning of period 195,523 217,725 43,620 Cash and cash equivalents at end of period 44,479 694,692 195,523
Alpha Growth plc
Notes to the Financial Statements
interim results to 30 june 2022
1. Organisation and Trading Activities
The company is incorporated and domiciled in England and Wales as a public limited company and operates from its registered office 35 Berkeley Square, Mayfair London, United Kingdom W1J 5BF
The principal activity of the Group is the provision of advice and consultancy services to institutional investors and existing and prospective holders of Senior Life Settlements through the management of its funds and the ownership of life insurance companies.
2. Summary of Significant Accounting Policies
The principal accounting policies adopted and applied in the preparation of these interim Group Financial statements are set out below.
These have been consistently applied to all the periods presented unless otherwise stated:
Basis of accounting
These interim financial statements of Alpha Growth plc (the "Group") have been prepared in accordance with UK adopted international accounting standards ("UK-adopted IAS") applied in accordance with the provisions of the Companies Act 2006.
The interim financial statements have been prepared under the historical cost convention on the basis of the accounting policies as set out in the Group's audited annual financial statements and are presented in GBP GBP the presentational and functional currency of the Group. The Group has applied IAS 34 in the preparation of these interim financial statements.
This announcement was approved and authorised by the Board of directors on 30 August 2022. Copies of this interim report can be found on the Company's website at www.algwplc.com .
These condensed interim financial statements for the six months ended 30 June 2022 are unaudited and do not constitute fully prepared statutory accounts. The comparative figures for the 16 month period ended 31 December 2021 are extracted from the 2021 audited financial statements. The independent auditor's report on the 2021 financial statements was not qualified.
Going concern
Any consideration of the foreseeable future involves making a judgement, at a particular point in time, about future events which are inherently uncertain. The ability of the Group to carry out its planned business objectives is dependent on its continuing ability to raise adequate financing from equity investors and/or the achievement of profitable operations.
The Directors have a reasonable expectation that the Group will be able to achieve the above in order to meet any future obligations and thus to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the Financial Statements. As detailed in the Chairman's statement the Impact of COVID-19 has led to some delays in the expected timing of transactions that the Company plans to be involved in and generate fees from but has led to a greater interest in SLS assets and therefore should benefit the Group in the longer term.
3. LOSS per Share
The basic earnings per share is based on the loss for the period divided by the weighted average number of shares in issue during the year. The weighted average number of ordinary shares for the Company the period ended 31 August 2021 assumes that all shares have been included in the computation based on the weighted average number of days since issue. Since the Group has made a loss in the current and each of the prior periods, the warrants in issue are not dilutive.
30.6.2022 30.6.2021 31.12.2021 Loss for the period from continuing operations: 454,635 387,986 1,666,304 Weighted average number of ordinary shares in issue for basic earnings 431,887,388 352,546,425 190,901,671 Weighted average number of shares in issue for fully diluted earnings 431,887,388 352,546,425 354,478,424 BASIC AND FULLY DILUTED LOSS PER SHARE: - from continuing and total operations (pence) 0.1 0. 1 0.5 ---------------------------------------- -------------- ------------ ------------
.
4. Share capital AND SHARE PREMIUM Ordinary shares of GBP0.001 Share each capital Share premium Number GBP GBP At 1 January 2021 240,815,959 240,816 2,183,030 ------------------------------------------- ---------------- ------------ ---------------- On 15 March 2021 the Company issued 187,500,000 ordinary shares of GBP0,001 each at a price of 2.0p per share as part of a placing 187,500.000 187,500 3,174,855 On 17 May 2021 the Company issued 3,571,429 ordinary shares of GBP0,001 each at a price of 1.4p per share following a warrant exercise 3,571,429 3,571 46,428 At 31 December 2021 431,887,388 431,887 5,404,313 ------------------------------------------- ---------------- ------------ ---------------- Costs related to listing of saes issued 15 March 2021 - - (16,161) AT 30 JUNE 2022 431,887,388 431,887 5,388,152 ------------------------------------------- ---------------- ------------ ----------------
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September 30, 2022 02:00 ET (06:00 GMT)
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